VeChain Co-Founds Shanghai Wine and Liquor Blockchain Alliance; Will Showcase To Global Leaders, MNEs

wine being poured into glasses

At a Thursday ceremony attended to by Richard Fu (VP, VeChain), the Shanghai Wine and Liquor Blockchain Alliance was officially formed by VeChain and eleven other government bureaus and enterprises; under the direct guidance of two government bodies, the Shanghai Municipal Commission of Commerce and the Shanghai Liquor Monopoly Administration. According to VeChain, the Alliance’s creation helps reinforce China’s national strategy to have a “complete product quality traceability system by 2020.”

The stated aim of the newly formed Shanghai Wine and Liquor Blockchain Alliance is to “establish a cooperative platform for the research and development of alcohol production companies, alcohol trading enterprises, and technology providers in Shanghai,” all so as to create a blockchain-based solution that can trace alcoholic beverages in the municipality.

Should such a solution become operative, the Alliance hopes it will “enhance logistics management, quality and safety retrospective systemization, and self-discipline within Shanghai’s liquor industry;” allowing their lucrative domestic wine market to flourish within a more “robust environment.”

“By applying blockchain technology to mid and high-end wines, which consists of more than 50% of Shanghai’s imports, consumers will be effectively protected…This digitized path will greatly enhance consumer confidence.” – Qi Qilong (Director, Shanghai Bureau of Alcoholic Bureaux Regulatory)

The 12-member alliance comprises the following four core founding members: VeChain, D.I.G., the Business Information Center of Shanghai, and Shanghai Jieqiang Tobacco Sugar & Wine (Group) Co.; the latter being a subsidiary of one of VeChain’s partners, the state-owned Bright Food (Group) Co., Ltd.

November Uncorking Awaits

In addition to Thursday’s announcement of its founding, the Shanghai Wine and Liquor Blockchain Alliance also revealed that they’ve been tasked with having their flagship Shanghai liquor traceability system up-and-running for the inaugural China International Import Expo in early November.

Both VeChain and their strategic partner, DNV GL, will be representing the flagship solution at the major expo; a showcasing of the Chinese market that President Xi Jinping and other global leaders are expected to attend, plus over 160 Fortune 500 corporations.

Notably, VeChain stated that “over 500 retail outlets across Shanghai” will be initial adopters of this flagship blockchain-based system, with surrounding regions expected to follow soon thereafter.


Image From Shutterstock

Related posts